Citigroup Issues Pessimistic Forecast for Comstock Resources (NYSE:CRK) Stock Price

Comstock Resources (NYSE:CRK) had its price objective dropped by equities researchers at Citigroup from $19.00 to $16.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the oil and gas producer’s stock. Citigroup’s price objective would indicate a potential upside of 20.53% from the company’s previous close.

CRK has been the topic of several other reports. The Goldman Sachs Group decreased their price target on shares of Comstock Resources from $13.00 to $10.00 and set a “sell” rating on the stock in a research note on Tuesday, June 30th. Zacks Research lowered Comstock Resources from a “hold” rating to a “strong sell” rating in a research note on Thursday, July 16th. Mizuho lowered their price objective on shares of Comstock Resources from $25.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, May 27th. Roth Capital upgraded Comstock Resources from a “sell” rating to a “neutral” rating and set a $13.00 price objective for the company in a research report on Friday, July 10th. Finally, UBS Group reissued a “sell” rating and set a $13.00 target price (down from $17.00) on shares of Comstock Resources in a research note on Monday, May 11th. Six research analysts have rated the stock with a Hold rating and four have issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Reduce” and an average target price of $15.22.

Comstock Resources Price Performance

Comstock Resources stock opened at $13.28 on Monday. The business’s fifty day moving average is $13.69 and its two-hundred day moving average is $17.79. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.41 and a current ratio of 0.41. The firm has a market cap of $3.90 billion, a P/E ratio of 6.06 and a beta of 0.10. Comstock Resources has a 52 week low of $12.44 and a 52 week high of $28.10.

Comstock Resources (NYSE:CRK) last announced its earnings results on Tuesday, May 5th. The oil and gas producer reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). The business had revenue of $587.35 million during the quarter, compared to analyst estimates of $554.01 million. Comstock Resources had a net margin of 27.18% and a return on equity of 5.54%. The business’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.18 earnings per share. Equities research analysts forecast that Comstock Resources will post 0.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Comstock Resources

Several large investors have recently modified their holdings of the company. Rothschild Investment LLC increased its stake in Comstock Resources by 740.4% during the 4th quarter. Rothschild Investment LLC now owns 1,143 shares of the oil and gas producer’s stock valued at $26,000 after purchasing an additional 1,007 shares in the last quarter. Kemnay Advisory Services Inc. bought a new position in shares of Comstock Resources in the fourth quarter valued at $29,000. Advisory Services Network LLC acquired a new position in shares of Comstock Resources during the third quarter valued at about $27,000. Hantz Financial Services Inc. grew its holdings in shares of Comstock Resources by 877.6% during the fourth quarter. Hantz Financial Services Inc. now owns 1,437 shares of the oil and gas producer’s stock valued at $33,000 after buying an additional 1,290 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. bought a new stake in shares of Comstock Resources during the first quarter worth about $29,000. 36.13% of the stock is currently owned by institutional investors and hedge funds.

About Comstock Resources

Comstock Resources, Inc is an independent energy company engaged in the acquisition, exploration, development and production of oil and natural gas properties in the United States. The company focuses on generating long-term value through the efficient development of unconventional resource plays and conventional prospects. Its activities encompass drilling, completion and production operations, as well as the marketing of natural gas, natural gas liquids and crude oil.

Comstock holds a core position in the Haynesville Shale of Northwest Louisiana, one of the most active natural gas plays in North America, and has built a complementary portfolio in the Delaware Basin of West Texas.